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coverage, not otherwise required by Lender, for
<br />standard mortgage clause and shall name Lender
<br />In the event ofloss, Bon
<br />oflnss ifnot made promptly by Br
<br />whether or not the underlying insi
<br />the restoration or repair is ecorim
<br />period, Lender shall have the rig
<br />Propert y to ensure the work has b
<br />promptly. Lender may disburse
<br />payments as the work is complete
<br />on such insurance proceeds, Lent
<br />for public adjusters, or other third
<br />the sale obligation of Borrower.
<br />If Burrower
<br />matters. If Borrower
<br />claim, then Lender it
<br />event, or if Lender aci
<br />or destruct
<br />c and/or as
<br />:e to the ins
<br />:ally feasible and Lender's
<br />to hold such insurance pit
<br />oceeds for the repairs and rests
<br />Unless an agreement is made in
<br />shall not be required to pay Bar
<br />lobes, retained by Borrower shall
<br />the restoration or repair is not
<br />ill be applied to the sums secure
<br />)wer. Such insurance proceeds
<br />'roperty, Lender may tile, negoti
<br />nd within 30 days to a no
<br />froi
<br />nd settle the claim. The 30 -day
<br />200303697
<br />f, the Property, such policy shall include a
<br />li itional loss payee.
<br />e carrier and Lender. Lender may make proof
<br />vise agree in writing, any insurance proceeds,
<br />icd to restoration or repair ofthe Property, if
<br />lessened. During such repair and restoration
<br />ider has had an opportunity to inspect such
<br />ded that such inspection shall be undertaken
<br />a single payment or in a series of progress
<br />App Ica le Law requires interest to be paid
<br />interest or earnings on such proceeds. Fees
<br />lid out of the insurance proceeds and shall be
<br />;ally feasible or Lender's security would be
<br />;ecarity Instrument. whether or not then due,
<br />rind will begin
<br />Borrower here
<br />order
<br />51
<br />rights to any insuranceproceetlsmanamoum normexoeea meamounm un— u.v ........
<br />one (b) any other ofBOrrower's rights (other than the right to any refund of unearned premiums paid by Borrower) under all
<br />insurance pohcies covering the Property, insofar as such rights are applicable to the coverage of the Property. Lender may
<br />use the insurance proceeds either to repay or restore the Property or to pay amounts unpaid under the Now or this Security
<br />Instrument, whether or not than due.
<br />6. Occupancy. Borrowershalloccupy , establish, and continue to occupy Borrower's as; residence use the
<br />60 days after the execution of [his Security lnsVUment and shall continue to occupy the Property as Borrower's principal
<br />residence far at least one year of @r the dart
<br />of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless
<br />extenuating circwnstances exist which arc beyond Borrower's control.
<br />the Pr
<br />7. Preservation, Maintenance and Protection
<br />the Property; Inspections. Burrower shall not destroy,
<br />damage or impair [he Property, allow the Property to deteriorate or commit waste
<br />on the Property. Whether or nut Borrower is residing in the Property, Borrower shall maintain the Property m order to
<br />prevent ncc Promaty from deteriorating or decreasinA tit value due to its condition. Unless it is determined pursuant to
<br />taking of, the Property, Boffowcr shall be responsible for repairing or restoring the Property only if Lender has released
<br />proceeds for such purposes. Lender may disburse proceeds for the repairs and restoration in a single payment or in a series
<br />of progress payments as the work is completed. Ifthe insurance or condemnation proceeds are not sufficient to repair or
<br />restore [he Properly, Borrower is not relieved ofBurrower's obligation for the completion of such repair or restoration.
<br />Lender or its open[ may make reasonable entries upon and inspections of the Property. If it has reasonable cause,
<br />Lender may inspect the interior of the impprovements on [he Property. Lender shall give Borrower notice at the time of or
<br />prior to such an interior inspection spccitying such reazona6le cause.
<br />g. Borrower's Loan Application. Rorrower shall be in default if, during the Loan application process,
<br />Rorrower or any persons or entities acting at [he direction of Borrower or with Borrower's knowledge or consent gave
<br />materially false, misleading, or inaccurate information nr statements to Lender (or failed to provide Lender with material
<br />informamm) in connection with the I pan. Material representations include, but are not limit representations wnceming
<br />Borrower's occupancy ofthc Property as Borrower's principal residence.
<br />9. Protection of Lender's interest in the Property and Rights Under this Security Instrument. If
<br />(a) Borrower fails to perform the covenants and agreements contained in this Security Instrument, (b) there is a legal
<br />proceeding that mi .ht significantly affect Len der'a interest in the Property and/or rights under this Security instrument (such
<br />as a proceeding intankruptcy, probate, for condemnation or forfeiture, for enforcement of lien which may attain priority
<br />over this Security Instrument or to enforce laws or regulations), or (c) Roffower has abandoned the Property , then lender
<br />may do and pay for whatever is reasonable or appropriate to t Lender's interest in the Property and rights under this
<br />Security Instrument, including protecting and /or assessing die value of the Property, and securing and/or repairing the
<br />Property. Lender's actions can include, but are not limited to- (a) paying any sums secured by a lien which has priority over
<br />this Security Instrument; (b) appearing in court; and (c) paying reasonable attorneys' fees to protect its interest in the
<br />Property and/or rights under this Security Instrument, including its secured position in a bankruptcy proceeding. Securing
<br />the Prooerty includes, but is not limited to, entering the Property to make repairs, change locks, replace or board up doors
<br />. one n-o. -'- -' -
<br />tu duty o on or off. Although Len er may take action incur no Section fo91 r Lender oeanil aye to o so ut ri a un er any
<br />duty or obligation to do so. It is agreed Otn[ Lender incurs no liability for not taking any or all actions authorized under this
<br />Section 9.
<br />Any amounts disbursed by Lander under this Section 9 shall become additional debt a Borrower all b secured gable,
<br />Security Instrument. These amounts shall bear interest at die Note rate from the date of disbursement and shall be payable,
<br />with such interest, upon notice from lender to Borrower requesting payment.
<br />If this Security Instrument is on a leasehold, Borrower shall comply with all the provisions ofthe lease. If Borrower
<br />acquires fee title to the Property, the leasehold and the fee title shall not merge an Lender agrees to the merger in writing.
<br />10. Mortgage Insurance. If Lender required Mortgage Insurance as a condition of making the Lean,
<br />Borrower shall pay the premiums required to maintain the Mortgage insurance in effect. Il; for any reason, the Mortgage
<br />Insurance coverage required by Lender ceases to be available from the mortgage insurer that previously provided such
<br />insurance and Borrower was required to make separately designated payments toward thepremiums for Mortgage Insurance,
<br />Borrower shall pay the premiums required to obtain coverage substantially equivalent to the Mortgage Insurance previously
<br />in effect, at a cost substantially equivalent to the cast to Borrower of the Mortgage Insurance previously in effect, from an
<br />alternate mortgage insurer selected by Lender. If substantially equivalent Mortgage Insurance coverage is not available,
<br />Borrower shall continue to pay to lender the amount of the separately designated payments that were due when the insurance
<br />coverage ceased to be in effect. lender will accept, use and retain these payments as a non - refundable loss reserve in lieu of
<br />Mortgage Insurance. Such loss reserve shall be non-refundable, notwithstanding the fact that the Loan is ultimatelypmd in
<br />fiill, and Lender shall not be required to pay Borrower any interest or earnings on such loss reserve. Lender can no longer
<br />require loss reserve payments if Mortgage Insurance coverage (in the amount and for the period that Lender requires)
<br />provided by an insurer selected by Lender again becomes available, is obtained, and Lender requires separately designated
<br />payments toward the premiums for Mortgage Insurance. If Lender required Mortgage insurance m a wndnron ofmakmgthc
<br />Loan and Borrower was required to make separately designated payments toward the premiums for Mortgage Insurance,
<br />Burrower shall pay the premiums required to maintain Mortgage Insurance in effect, or to provide a non - refundable lass
<br />reserve, until Lender's requirement for Mortgage Insurance ends in accordance with any written agreement between
<br />Borrower and Lender providing for such termination or until termination is required by Applicable law. Nothing in this
<br />Section 10 affects Borrower's obli 6.ation to pay interest at the rate provided in the Note.
<br />Mortgage Insurance reimburses Lender (or any entity that purchases the Note) for certain losses it may incur if
<br />Borrower dues not repay the Loan as agreed. Borrower is not a party to the Mortgage Insurance.
<br />NEtlR "Single Panuly-- Fannic Mae/Frekie Mac UNIFORM INSTRUMENT Fnrm303a INl(page4ofbpng)
<br />9754.CV (V02) 1670509
<br />GOTINip047e1e)
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